Recykal, a cloud-based waste management and recycling startup, has closed Pre-Series A financing of $2 million to expand its footprint across India. Triton Investment Advisors (Triton), the family office of Ajay Parekh, Director of Pidilite Industries; and existing investor Vijay Acharya, former Managing Director of Bank of Singapore participated in this round.
Founded by Abhishek Deshpande and Anirudha Jalan in 2016, Hyderabad-based Recykal’s digital technology platform connects waste generators (businesses and consumers) with waste aggregators and recyclers, facilitating transactions and offering visibility, transparency, and traceability of recyclable waste.
The company has also built a suite of mobile applications that facilitates consumer awareness and take-back programmes for FMCG and electronic brands, and ensures compliance with the Extended Producer Responsibility (EPR) Guidelines outlined by the government.
Speaking about the funding, Abhishek Deshpande, Co-founder of Recykal, said,
“The funds raised will help us strengthen our technology offerings, expand our team and presence in new cities across India. Our association with Triton marks the onset of an exciting journey for us and the industry.”
The company’s technology solutions are deployed across 150 businesses. It is currently operational in Hyderabad, Pune, and Bengaluru, and channelises more than 1,000 metric tonnes of recyclables per month through its platforms.
Ajay Parekh, Director, Pidilite Industries, said,
“Organisations, governments and communities who embrace sustainability view waste management and recovery of materials to be critical to achieve their sustainability goals. Investments in this space can potentially create millions of jobs and accelerate India’s vision for a circular economy.”
While, Dev Raman, Partner at Triton added,
“The waste management and recycling industry is a massive and untapped space, where stakeholders are often disjointed and disconnected. We see a multi-billion-dollar industry evolving, with the Solid Waste Management Rules, EPR and other driving factors. Recykal is a unique investment opportunity that lets us create social, economic, and environmental impact at scale.”
According to the company, the Indian waste management market is expected to reach $14 billion by 2025. It is primarily operated by the informal sector, with the majority of the transactions being offline and untraceable.
Recykal aims to disrupt the industry through ‘digital intervention’ to drive awareness, mobilise actions among stakeholders, and establish a transparent ecosystem.